A new snapshot of Australia’s property market reveals what it now costs to get in at entry level near our biggest cities.
Exclusive data from analysts at Cotality has revealed the suburbs within 10 kilometres of the major cities with the lowest entry-level prices – that is, the 25th percentile of values in the suburb.
In Sydney, the most affordable inner-city suburb to buy a house was Zetland, south of the CBD.
There, the 25th percentile value was $1.4 million – almost $350,000 cheaper than the median house in the same suburb.
The cheapest entry-level suburb for units was Ultimo, with Canterbury and Chippendale rounding out the top three.
In Melbourne, the entry-level price of a house in Maidstone was the lowest, sitting at around $768,000.
The lowest entry-level price for a Melbourne apartment was found in Carlton, with the 25th percentile of values at $290,000.
Rocklea ($673,000), Chermside (828,000) and Keperra ($914,000) had the most affordable entry-level houses in Brisbane.
For units, Spring Hill and Fortitude Valley had the lowest entry-level prices at $462,000 and $485,000 respectively.
Meanwhile, down in Adelaide, the most affordable suburb for entry-level houses was Lightsview ($700,000).
Adelaide’s most affordable inner-city suburb for apartments was Kurralta Park, with entry-level prices sitting around $431,000.
An entry-level home in Nollamara, Perth, could run you as little as $627,000, while the 25th percentile cost of a unit in Wembley was just $405,000.
For a major city, those unit prices were only rivalled by Lyons in Canberra ($347,000), and Darwin’s Millner (where an entry-level apartment could be found for about $294,967).
An entry-level Hobart unit in Glenorchy was about $414,000, while a house in Hobart’s Risdon Vale was found for as little as $439,000.
Darwin’s most affordable suburb for homes was Coconut Grove ($481,000), while Belconnen in Canberra was the most affordable suburb for homes in the “inner city”.
